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    Property profile & analytics

    8230 Martin Way Lacey, WA 98516

    • Retail space
    • 15,698 SF
    • 1.89 lot acres
    For Lease
    View listing
    $28 SF/Yr
    Value Estimation
    $5,050,000
    Last Sale
    Jul 07, 2022
    $5,500,000
    Location Intelligence
    Property ID
    US90-1364391
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 8230 Martin Way

    Year built
    1999
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.89 lot acres
    Property size
    15,698 SF
    Property type
    Retail space
    APN
    6542-00-00100
    APU
    65420000100

    Description

    This exceptional retail property, located at 8230 Martin Way E in Lacey, Washington, presents a unique investment opportunity. The former Rite Aid building boasts a substantial 15,698 square feet of space, situated on a generous 1.89 acres of land in Thurston County. Its prime location within the Hawks Prairie area of Lacey ensures high visibility and excellent accessibility for customers. The property benefits from ample parking, a significant advantage for retail operations, and a convenient drive-through feature, further enhancing its appeal and functionality. The single-tenant configuration offers simplicity and potential for a variety of retail uses. The building's size and features make it suitable for a wide range of businesses seeking a prominent presence in a thriving commercial area. The property's address is 8230 Martin Way E, Lacey, WA 98516. This location offers exceptional visibility and convenient access for customers, making it an ideal space for a business seeking to establish a strong presence in the Lacey market. The property's size and features make it a compelling opportunity for businesses seeking a high-traffic location with ample parking and a drive-through. The property is classified as retail, with a single-tenant occupancy. The zip code is 98516.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $4,755,000

    • CAP approach

      CAP return
      Estimation
      6%
      $5,180,000
      6.5%
      $5,285,000
      7%
      $5,290,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $5,745,000
      Geo Method
      $5,985,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $6,420,000
      Retail
      $5,895,000
      Mixed-Use
      $5,475,000
      Hospitality
      $5,405,000
      Educational
      $5,445,000
      Residential Income
      $6,125,000
      Energy
      $6,710,000
      Income-Based Land
      $6,135,000
      Food Service
      $6,215,000

    Location Insight

    • Map
    • Local Demand
    City
    Lacey
    County
    Thurston
    State
    Washington
    Longitude
    -122.766
    Latitude
    47.0571
    CBSA code
    36500
    CBSA name
    OLYMPIA, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $41,433
    $1,604,900
    $2,756,300
    $4,361,200
    -
    $1,604,900
    $2,756,300
    $4,361,200

    Comparable in this City

    • Value Estimation by Request
      14,728 SF

      1145 Galaxy NE Dr

      RETAIL STORES (PERSONAL SERVICES) • 14,728 SF
      1145 Galaxy NE Dr, Lacey, WA 98516-4762
      View Details
    • Value Estimation by Request
      9,600 SF

      7103 Martin E Way

      RETAIL STORES (PERSONAL SERVICES) • 9,600 SF
      7103 Martin E Way, Olympia, WA 98516
      View Details
    • Value Estimation by Request
      6,000 SF

      7127 Martin E Way

      RETAIL STORES (PERSONAL SERVICES) • 6,000 SF
      7127 Martin E Way, Olympia, WA 98516-5535
      View Details
    • Value Estimation by Request
      12,000 SF

      7914 Martin E Way

      RETAIL STORES (PERSONAL SERVICES) • 12,000 SF
      7914 Martin E Way, Lacey, WA 98516-5728
      View Details
    • Value Estimation by Request
      161,184 SF

      1515 Marvin NE Rd

      RETAIL STORES (PERSONAL SERVICES) • 161,184 SF
      1515 Marvin NE Rd, Lacey, WA 98516-3876
      View Details
    • Value Estimation by Request
      93,437 SF

      1200 Marvin NE Rd

      RETAIL STORES (PERSONAL SERVICES) • 93,437 SF
      1200 Marvin NE Rd, Lacey, WA 98516-3800
      View Details

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      Land For Sale

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    Similar Nearby for Lease

    • Contact for pricing
      1,344 SF

      Retail Spaces Near Restaurants

      Retail spaces available in high-traffic Lacey location.
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    • $42 SF/Yr
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      Retail Space in Lacey Corridor

      New retail space in Lacey's premier shopping center.
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    • $21 SF/Yr
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      Retail Space in Lacey Core

      Retail space available in Lacey's retail core.
      8205 Martin Way E, Lacey, WA 98516
      View Details
    • $25 SF/Yr
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      New Construction Retail/Office Space

      New construction retail or office space with flexible floorplates.
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    • $18 SF/Yr
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      End-Cap Office or Retail Space

      Light and bright office or retail spaces in mixed-use property.
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    • $26 SF/Yr
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      Retail Space Near High-Traffic Area

      Retail space available on Martin Way with high traffic counts.
      7326 Martin Way E, Olympia, WA 98516
      View Details
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    8230 Martin Way
    Lacey, WA 98516
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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